Comments on: FDIC Insurance – When Banks Fail

By: Dennis Kelley

Dennis Kelley — Wed, 04 Mar 2009 00:56:06 +0000

Has anyone learned what/if the new owners of Indy Mac have any plans to reduce the $277M lost by account holders when they were taken over?

By: Dennis Kelley

Dennis Kelley — Thu, 26 Feb 2009 21:13:38 +0000

I lost a few dollars when Indy Mac was taken over, Now that a sale is at hand, why has not the conditions of the sale addressed the $300M lost by individuals who had invested in the bank. Are the future buyers of the bank going to get federal bailout money and if so why should they not be forced to cover the $300M lost by account holders. If they want to lure these same people back, this would go a long ways to instilling confidence in the bank.

By: Dennis Kelley

Dennis Kelley — Fri, 19 Dec 2008 02:12:33 +0000

I too lost $24,500 which was the amount over and above what Indy Mac Fed was covering. I was told that when the bank is sold I could recover some of this amount. However, there is no information covering the status of the bank. I was told by the bank manager that there were perhaps 60 interested parties desiring to consider buying the bank before the Feds took over. I am now informed by the branch manager that the list to buy Indy Mac Fed was around 20+ but has been narrowed down to 6. Does anyone have information as to what is going on and how are the Feds progressing? They have been guilty of underestimating the value of a bank as it relates to a potential sale.

By: Jeannie

Jeannie — Mon, 24 Nov 2008 23:12:25 +0000

I am another IndyMac investor with uninsured funds. I have written m congressmen about the possibility of making the increase to 250k for FDIC insurance retroactive to IndyMac depositors, but have not had a response.
I have read that the amount of uninsured funds is much less than first anticipated. I would like to hear from other investors.
I, too am upset that the govt is bailing out those who borrowed more than they could pay back…Our funds are POST TAX and most of all…they are ours…not borrowed

By: Cheryl Hodgson

Cheryl Hodgson — Mon, 27 Oct 2008 19:44:59 +0000

I sold my house in June of this year. I deposited $360,000 into Indymac. The branch manager told me the money was fully insured and accessible while my check was on hold. Two weeks later, I’m out $130,000 and the branch manager told me I shouldn’t have been so stupid. Why is the government bailing out all of the irresponsible people who took out loans they couldn’t afford. How about the responsible people who had bad luck with Indymac. I’d like my money back or atleast some help because I can’t even afford to buy another home.

By: Julie

Julie — Mon, 06 Oct 2008 19:15:25 +0000

I am an Indymac victim also who has lost money. Currently they have passed this 250,000 limit increase for FDIC insurance. Is there any chance that this can have a retro effect and help people like me?

Also, how likely do you think Indymac assets are going to cover the money we have lost? I cannot find any information anywhere about how the current situation is with Indymac and FDIC. FDIC has paid 50% of uninsured amount to people who have lost money, do you know when the Indymac assets are sold whether FDIC will get reimbursed first before paying us?

thanks

By: mia

mia — Sat, 26 Jul 2008 03:10:04 +0000

I have also kept money in CDs. Now I have learned a lesson for a lifetime. I live in Washington, D.C., and in the Post this past weekend I saw only one ad advertising CDs. It was COUNTRYWIDE bank offering a 4.15% CD. Now I recall this name being mentioned in the news because of its high foreclosure rate in the spring and now I found out from a cousin that IndyMac was offering the highest rate for CDs in CA so now I figured out and since read that banks in trouble will try to attract deposits by offering these too good to be true CD rates. I know at my local bank the CD’s are being offered at 3.5% for 13 months, which is 13 months too long. Thus, I opted not to go for it. So if you’re going to get a CD, go for banks with lower or average CD rates. Nothing that is too good to be true.

Will all the chaos and suspicion I have about banks, I don’t know where to put my money, but I have always known that banks cover less than $100K so I have spread my money between 3 banks, and I never had 100K!

By: Mark Shead

Mark Shead — Wed, 23 Jul 2008 01:44:28 +0000

@Don – I don’t know what to tell you. My understanding is that FDIC will only pay $100,000 for an account or group of accounts owned by the same person so I would expect that you would either be covered for $100,000 or $200,000 ($100,000 per person). The $150,000 seems odd.

I think I would start with Sun Cities Financial Group if they were the ones who told you that you would have FDIC coverage for the full amount.

Does anyone else have any suggestions?

By: captain don h. cooper, retired

captain don h. cooper, retired — Tue, 22 Jul 2008 16:12:56 +0000

I am a victim of the indymac bank failure. I had a $200,000 6 month CD. It was brokered through Sun Cities Financial Group in Henderson, NV with their assurance that I was fully covered by FDIC, because my sister was listed on the account too. FDIC now informs me I am only covered for $150,000. Now who do I go after? FDIC? Indymac Bank? Sun Cities who so far is denying responsibility.

By: IndyMac Bank Failure : Productivity501

IndyMac Bank Failure : Productivity501 — Tue, 15 Jul 2008 03:12:57 +0000

[...] the IndyMac failure, we’ve had quite a few people reading a previous post about the NetBank failure. If you had money in IndyMac, it would be interesting to hear about what the procedure was to get [...]

By: jm

jm — Tue, 20 Nov 2007 00:18:06 +0000

The money you don’t get back immediately from the FDIC is an obligation of Netbank. Once things are finalized, you can file and get some more of it back from Netbank.

By: Mark Shead

Mark Shead — Sat, 03 Nov 2007 03:05:28 +0000

@Bill – No conspiracy here. I was on the road and your comments were flagged for moderation. I don’t know what to tell you, but you might consider contacting the government to see if they can offer some suggestions of how to go about recovering your funds.

By: Bill Schlagel

Bill Schlagel — Sat, 03 Nov 2007 00:48:12 +0000

I am involved in the Net bank Closure. I have not been able to recoup my money and ING Net Bank and The FDIC have Been of no assistance. What are my options?

By: Bill Schlagel

Bill Schlagel — Sat, 03 Nov 2007 00:36:26 +0000

Why was my earlier comment, concern not posted. I have not been able to get my money back from Net Bank ING or FDIC. What are you people hideing? Bill

By: Bill Schlagel

Bill Schlagel — Fri, 02 Nov 2007 21:06:13 +0000

Dear sir:
I had 2 Cd’s at net bank when they closed. One matured September 21st the day FDIC closed them. I had two Cd’s for $100,000 each, one titled POD to my wife. We immediately tried to get our principal back from Net bank. We could not due so as the FDIC had control of the funds. Eventually we were able to get back Roughly $150,000 of the money. We have not been able to get back the other $50,000 no mater how hard we try. The money fell under the FDIC insured amount. We have been going back and forth between Ing and the FDIC for roughly a month and a half with both the FDIC and Ing saying that the other entity has control of the money. They both deny having control of the money and we get no where with either of them. They just say wait another week. I have waited and nothing happens. One of the agencies has stolen my money and is not about to let it go. I am at my wits end here. neither outfit will return calls. Where else can I go to to get back my money. I need legal assistance here. Someone here is a thief and there is nothing I can do about it. HELP!
Thanks Bill